News

The Mele Group of Marcus & Millichap Arranges the Sale of a Tampa Bay Self-Storage Facility

By Marcus & Millichap

TAMPA, Fla., February 9, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Hyde Park Storage, a 10,916-rentable square foot, self-storage facility located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office.

Michael A. Mele, Luke Elliott and Brian Fulton, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Michael A. Mele and Luke Elliott, investment specialists in Marcus & Millichap’s Tampa office.

“We have worked with the seller for over 18 years to maximize their value through multiple market swings,” says Mele. “Although a smaller site, this facility is uniquely positioned in the center of Hyde Park.”

Located at 1600 West Platt Street in Tampa Florida, the facility is home to 205 climate-controlled units in one of Tampa’s most exclusive areas. The vicinity boasts outstanding demographics in the Hyde Park area, adjacent to the University of Tampa and the heart of Downtown Tampa. The area has a high ratio of renter-occupied housing units and an average household income in excess of $93,000, with numerous multifamily and shopping developments underway to match the demand to migrate into Hyde Park.